DXY is currently in open space, leaving some uncertainty for BTC .
Extension from the 20W has touched local lows, with potential to revisit further lows of late June.
With BTC nearing strong support $31,000, we can assume any continued downside in the DXY would result in a front-run of longs in BTC .
Smart money is DCAing now.
Limit set: $31,450 // S/L $30,780 // T/P - tbc
Longs still valid at these levels. r/r preserved with mid frame close above support @ $31,000.
DXY reaching up to strong resistance, DOW Jones looking to rebound from support, and negative narrative around BTC is forming a perfect storm.
Probable that current dip is a short purge, although vol of shorts does need to increase slightly.
Longs valid, strong position with narrative forming over the coming week.
Potential for 20%+ here.
Stop loss set as always.